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Traders attached to Gikomba market in Nairobi now want B-Smart Sacco to refund their deposits.
This followed a backlash that ensued after several members decried poor services from the institution, denying them loans and access to their financial statements.
A report by Capital Business showed that the Sacco management has been lying to members about the management of their funds.
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The members raised concerns over the long period the society takes to process their loans, "taking over a year".
Some members revealed having saved over KSh 1.4 million in with the Sacco, calling on the government to intervene.
Employees of the Sacco said the society has been struggling with the aftermath of the COVID-19 pandemic.
There have been growing concerns from customers in the sector, decrying the lack of access to their funds.
TUKO.co.ke reached out to the Sacco Society Regulatory Authority (SASRA) which confirmed that B-Smart is regulated under non-deposit-taking SACCOs.
SASRA CEO's office assured that the regulator will deliberate on the matter and give a comprehensive statement concerning members' fund safety.
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In October 2022, First Community Bank customers raised concerns after being denied to withdraw more than KSh 10,000.
The bank later clarified its systems were disrupted causing, affecting service delivery that caused the backlog.
It said it engaged the Central Bank of Kenya (CBK), which approved the limitation of services to regularise services.
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Source: TUKO.co.ke
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